Question 1

The act of calculating market size is a vital step for any startup.

Accepted Answer

Calculating market size helps a startup understand the potential demand for their product/service and the size of the opportunity in the market. This information is crucial for developing a successful business plan and attracting investors.

Question 2

In the process of developing buying personas for her gourmet cold-press coffee shop,Maria also develops an exclusionary persona.What might that exclusionary persona look like?

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Question 3

What is the benefit of making a customer journey map?

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Question 4

Compare and contrast the benefits and weakness of each calculation--TAM,SAM,and SOM.

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Question 5

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

Accepted Answer

Sanity checks help ensure that you have considered all relevant factors and that your market size calculation is reasonable and accurate. It is always a good practice to perform a sanity check before making any key business decisions based on your market size estimates.

Question 6

The age of social media tools has greatly diminished the importance of sitting down and talking with your customers.

Accepted Answer

While social media tools have certainly changed the way businesses communicate with their customers, sitting down and talking with customers is still incredibly important for building strong relationships and understanding their needs and preferences. Face-to-face interactions can provide valuable insights that cannot be gleaned through social media interactions alone.

Question 7

Allan is trying to create an end user profile for his roofing business,and specifically he is working on the biggest fears and motivators aspect of the profile.How should he go about it,and what might parts of his conclusion look like?

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Question 8

Why is building a buyer persona better than developing research in customer demographics and psychographics?

Accepted Answer

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Question 9

Define a market and describe some of its characteristics.

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Question 10

Describe the three broad ways in which an entrepreneur can verify the findings of the customer mapping process.

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Question 11

Janelle is planning to release a new brand of mini-tablet into the technology market.Based on the technology adoption life cycle,explain how innovators,early adopters,and the early majority will differ from each other in their response to her.

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Question 12

Under what conditions can customers be divided into segments? Why is customer segmentation a good idea for an entrepreneur?

Accepted Answer

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Question 13

Once you have identified your beachhead market,what steps must you take to "cross the chasm" and what has occurred if you do successfully cross it?

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Question 14

People in the early majority category are both practical and extremely risk-tolerant.

Accepted Answer

People in the early majority category are practical but not extremely risk-tolerant; they adopt new ideas just before the average person, preferring to see evidence that innovations work before adopting them.

Quiz 6: Developing Your Customers